Sun. Jan 16th, 2022

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Oil prices rise to 9-month high

1 min read

Crude oil

Oil rises on Friday, extending a sharp rally overnight that saw Brent rise above $50 for the first time since March, as coronavirus vaccination rollouts kept hopes alive that demand for crude would build up next year.

Brent was up 11 cents or 0.2% at $50.36 a barrel by 0427 GMT, after gaining nearly 3% on Thursday. U.S. oil was up 14 cents, or 0.3%, at $46.92 a barrel, having also risen almost 3% in the previous session.

That leaves prices set for a sixth consecutive week of gains as promising vaccine trials helped quell gloom over record increases in the number of new infections and deaths around the world in the coronavirus pandemic.

Britain began inoculations this week and the United States could start vaccinations as early as the coming weekend, while Canada on Wednesday approved its first vaccine with initial shots due from next week.

“Crude prices are surging in anticipation of the FDA’s potential approval of Pfizer’s vaccine, as Asia’s economic recovery is making Chinese and Indian refiners acquire more oil,” said Edward Moya, senior market analyst at OANDA.

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